As the Third Plenary Session of the 18th CPC Central Committee comprehensively deepened reforms, the Chinese financial industry is ushering in an era of unprecedented transformation. The penetration and transformation of the Internet into the financial sector is accelerating, and this has led to a new wave of large-scale financial innovation. This is the consensus of the officials, entrepreneurs and experts attending the second Shanghai Financial Information Service Forum held on November 19.
"When we went to remittance research four years ago, we only had $100 million in revenue. We just chatted with the company's president, Zhou Xin. This year's operating income will exceed 3.2 billion yuan. This is an explosive industry." Sun Fuqing, deputy director of the Municipal Government Development Research Center, laments.
Zhu Zongxi, director of the Shanghai Municipal Economic and Information Commission, also shared his deep feelings. He revealed that Shanghai is studying and formulating policy documents to promote information consumption. If it is successful, it should be released before the end of the year. The goal is to reach the goal of e-commerce in Shanghai by 2015. The transaction volume should reach 1.5 trillion yuan.
Emerging financial services industry is a breakthrough in reform
Sun Fuqing said that in the future, the trend of tight integration between internet finance and the financialization of the Internet will become increasingly apparent. This will not only fundamentally change the dominant positioning and media model of traditional financial institutions for resource allocation, but will also greatly promote the entire financial industry towards greater transparency, greater participation, better collaboration, lower intermediate costs, and greater operational efficiency. Convenient direction. It can be said that the development of emerging financial service industries such as third-party payment has found a very important breakthrough for the construction of the Shanghai financial center, the international financial center, and the future financial reform and development.
Zhu Zongxi divided the development of Shanghai's financial services industry into three waves. The first wave is a group of companies established and developed 10 years ago. It is called the Shanghai financial consulting industry. For example, Shanghai Wande, Great Wisdom (6.70, -0.12, -1.76%), Oriental Wealth (18.420, -0.53, -2.80%) etc. This is the first wave in the financial information service industry. In fact, they are a group of companies that grew up after the Internet bubble. These companies have developed very well, and some have already been listed. The second wave is a group of companies that were developed five years ago to focus on third-party payments, including remittances to the world, Shanghai's quick money and so on. The third wave is the comparatively hot online credit developed in the past two years. Last year, Shanghai established the Shanghai Internet Credit Industry Alliance, and now there are more than 20 coalition companies.
Three factors drive the financial revolution
Zhou Hao expressed at the forum that from the past, many traditional financial institutions, sellers as the core, seller-led product design, built this business model, become the interaction of buyers and sellers of financial products, and are driven by many technologies, including both platforms. The self-motivated divergence and the massive use of rapid iterative technology to create products have indeed contributed to traditional finance.
Zhou Hao believes that the formation of the financial major structure is caused by three major reasons. The first is technology. If there is no explosive technology, it is impossible to bring so many new products and new channels. The four technologies have indeed brought about the essential changes. One is Internet technology, the next two technologies, one is mobile technology, and the other is big data technology, which in fact has changed many financial technologies. In addition, the technology of the platform has been more than ten years old and has begun to show up in recent years.
In addition to the technological revolution, which brings a large payment pattern, we believe that it is a system of innovation. In addition to granting licenses to grant access, supervision provides sufficient latitude in product innovation and channel innovation. At the same time, governments at all levels also encourage companies to innovate quickly.
The third major reason is the strong demand. On the one hand, it is the traditional market upgrade, and the total annual social retail sales are increasing. The other is the long tail market that the internet brings to payment. We repeatedly communicated with many commercial banks. We pay the company whether it is an individual consumer or a corporate business. We bring a word that has not been encountered by a traditional enterprise into the financial industry. Therefore, such a long-tailed market does give The entire payment brings huge market demand.
Zhou Hao said that the future of Internet financial products will be more detailed, the current balance of personal financial management treasure, for corporate financial remittance of the world Libo, its function is the same as bank deposits, but interest is more than 10 times the current deposit Such new products will emerge in an endless stream.
Big move bank deposit is a good phenomenon
“China is in the early stage of the mutual fund industry. This is one of the important reasons that attracted me to China.†Lyon Cooper, senior vice president of Fidelity Investments in the United States, said at the forum.
“China is the fastest-growing economy in the world. It is an economy in which export-oriented countries are transforming to focus on consumer growth. The evolution of China’s economy is a story that continues to grow, despite adversity in the short and medium term. We believe that China has many strengths to promote growth and will remain a very attractive investment target in the long term.†This is the opening word for the 2013 Fidelity analyst survey report.
Fidelity's investment is considered to be a good phenomenon for China's bank deposits that have occurred in the last two years. They firmly believe that if China can clearly define how to build a stronger capital market and slowly and carefully channel funds from bank deposits into the securities market, China will become a stronger economy.
From the experience of the United States, combined with the experience of more than 30 years of investment in Fidelity, Lyon has also made some pertinent suggestions for the current Chinese investment market:
First, to create a securities market environment that the Chinese people can believe in, so as to invest long-term in their country’s stocks and bonds. Second, optimize China's pension system and allow and encourage people to use pension funds to invest in mutual funds. It is necessary to punish the withdrawal of mutual funds before retirement to encourage long-term investment rather than speculation. Third, improve the new DC (Payment Defined Pension Plan) system so that it can implement similar incentives for long-term investment in personal savings accounts (ISAs). Fourth, encourage extensive investment in financial service products, such as mutual funds, to create a healthy competitive environment for major banks, which will ensure fair pricing and a better competitive environment for products.
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